Altcoins
Don’t Expect Altseason Until It Happens, Says Crypto Analyst Benjamin Cowen
A widely followed crypto analyst says investors should hold off on altcoin season until the Federal Reserve makes its next move.
In a new video update, crypto strategist Benjamin Cowen tell According to his 802,000 YouTube subscribers, the new season probably won’t happen until the Fed eases monetary policy and cuts interest rates.
According to Cowen, during the last cycle, altcoins outperformed Bitcoin (BTC) only after the Federal Reserve began lowering rates.
“There are a lot of altcoins going down, there is more downside than up and that is why the advance/decline index is going down again and it also fell here in 2019 just before the reduction in the FED.
It went down very, very quickly and then of course the FED started to reduce their interventions in July, so I would keep an eye on that because a lot of people continue to call for an altseason and so on and altcoins are outperforming sustainably Bitcoin but the last cycle. we only reached this phase after the FED cut rates.
Source: Benjamin Cowen/X
Cowen goes on to say that he expects altcoins to bleed against the leading crypto asset in terms of market cap until the Fed changes course.
“I expect Bitcoin dominance to reach around 60%. I think altcoins will continue to come back to the king…
I wonder if you’re going to see a very large increase in Bitcoin dominance over the next few months as Bitcoin continues to sort of absorb that liquidity from the altcoin market.
BTC dominance level is currently 55.39% while the total crypto market cap excluding BTC (TOTAL2) is session at $1.049 trillion at the time of writing.
Don’t miss anything – Subscribe to receive email alerts directly to your inbox
Check Price action
follow us on X, Facebook And Telegram
Surf The Hodl Daily Blend
& nbsp
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: halfway